News Column

AUD/USD At Critical Juncture Sub 0.9300 Handle

May 2, 2014

David de Ferranti

Talking Points

  • AUD/USD Technical Strategy: Shorts Preferred
  • Hammer formation requires clearance of 0.9300 to receive confirmation
  • Intraday chart demonstrates importance of nearby resistance

    The Aussie is teasing traders near the critical 0.9300 handle after prices bounced off support near 0.9210, which resulted in a Hammer formation on the daily. While considered a reversal formation, we likely need to clear 0.9300 before the bulls look to firm their grip on prices.

    AUD/USD: Keeps Traders In Suspense Sub 0.9300

    AUD/USD At Critical Juncture Sub 0.9300 Handle

    The significance of the 0.9300 handle is made further evident by an examination of intraday price action, with several long wicks forming near the critical level. A Bearish Engulfing formation suggests sellers are still intent on keeping pressure on the currency.

    AUD/USD: Coiled Like Spring Below 0.9300

    AUD/USD At Critical Juncture Sub 0.9300 Handle

    Follow David on Twitter: @Davidde

    Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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    Source: DailyFx

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